Crescent Cotton Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to 21 Pakistani paisa per share, a decrease of 89.7% from 2.01 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.8 million rupees, a decrease of 89.5% from 45.6 million rupees in the prior-year period.

The normalized profit margin declined to 0.6% from 3.5% in the year-earlier period.

Total revenue fell 41.9% year over year to 753.2 million rupees from 1.30 billion rupees, and total operating expenses decreased 38.4% from the prior-year period to 762.3 million rupees from 1.24 billion rupees.

Reported net income declined 96.1% on an annual basis to 2.4 million rupees, or 10 paisa per share, from 61.2 million rupees, or 2.70 rupees per share.

As of July 3, US$1 was equivalent to 101.73 Pakistani rupees.